The conclusion has been approved by the Deputy Prime Minister Truong Hoa Binh, stressed the Deputy Inspector General Bui Ngoc Lam on the meeting with concerned parties over the report on March 23.
Mobifone violated a series of regulations during the acquisition of AVG.
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"We hope the conclusion should take into account the reasons behind and business results in that circumstances," Tra added.
The former Mobifone Chairman said he was confused with some of the GI's suggestions and requested to submit clarification in writing, such as the allegation of Mobifone inaccurately reporting the financial situation of AVG, or the financial risk of two investments outside the television sector.
Mobifone is a state owned enterprise, so that its business results are under close supervision of the competent authority, Tra explained. Tra cited the GI's conclusion that Mobifone's revenue in 2016 was VND321 billion (US$14 million) lower than that of 2015.
However, this number has been approved for Mobifone to invest in an additional of 10,000 4G stations. Big investment will reduce short term profit, but will lay the foundation for long term growth, Tra continued.
"As the case being taken over by the Ministry of Public Security, we hope the GI allow us to make clear of the shortcomings stated in the conclusion."
Mobifone Chairman Nguyen Manh Thang suggested the GI to support the company in complying with the conclusion.
"Mobifone is a large corporation, we hope the conclusion will soon be implemented, so that more than 10,000 employees can be secured and not distracted."
On March 14, the GI released its conclusion stating Mobifone was irresponsible and violated a series of regulations during the acquisition of AVG. Problems were uncovered especially in the assessment of AVG's financial situation, leading to a potential loss of VND7 trillion (US$307 million) to the state budget.
Following the results, GI recommended the Ministry of Public Security to take over the investigation and prosecute violators in accordance with the law.
In a surprise move, Mobifone and AVG have previously agreed to cancel the acquisition deal on March 12, two days before GI announced its inspection results.
Under the agreement, AVG will refund the entire contracted amount, which is reportedly VND8.9 trillion (US$392 million), to Mobifone including interest.
Mobifone, in turn, will return the shares purchased along with AVG's assets included in the original deal. Concurrently, the two parties are trying to minimize potential financial hits from the decision.
The deal caused great controversy as its value was 2.58 times higher than AVG's charter capital of VND3.6 trillion (US$158 million) at the time of completing the transaction on January 2, 2016.
The investment in AVG was equivalent to 55% of Mobifone's charter capital (VND16.2 trillion or US$711 million) and 40% of its total assets (VND23.2 trillion or US$1.02 billion) as of June 30, 2016.
On September 6, 2016 the Government Inspectorate announced their decision to investigate Mobifone over the deal. The investigation was to last for 50 days, however, the process has been dragged out to over one and a half years since then.
